At Cincinnatus it is our goal to close your loan within 3 weeks after we receive your application. In some situations Cincinnatus can close your loan in a shorter time frame. Fortunately, most real estate transactions especially home purchases allow 30 to 60 days in order to close the transaction, which is more than adequate time for Cincinnatus to approve and close your loan. However it is important to apply for your loan as soon as possible, unusual circumstances can arise on a seemingly simple transaction, with adequate time they can usually be corrected and the closing can go forward on time.

You can get prequalified for a loan with Cincinnatus before you even pick out a home. This can give you peace of mind to know how much you can afford so you can make an offer on a home and be assured you can get a loan to complete the purchase. Sellers may be more willing to accept your offer if they know you are prequalified for a loan, and at Cincinnatus prequalification is free!

The seven basic steps we take in processing a mortgage loan are listed below along with a brief description of each. Our goal is to keep you informed all along the process and to answer any questions that you have before, during and after your loan closes.

1. Application - the gathering of all the customer's information name, address, financial information along with the details of the loan being requested. Click on application checklist for items needed.

2. Verification - all the above information is confirmed and any discrepancies in the information provided are worked out to provide an accurate picture of the applicant and the mortgage transaction being considered.

3. Preliminary Approval - the verified information is reviewed to be sure the applicant and the mortgage transaction meet all the Cincinnatus underwriting guidelines.

(Typically steps 1-3 can be completed within 1 week based on the amount and accuracy of information provided at application.)

4. Appraisal - The appraisal is ordered to determine the market value of the home. It generally takes about 7-14 days after ordering the appraisal for the report to be submitted to Cincinnatus.

5. Title Search - Our attorney checks the title to be sure it is marketable and makes sure all the outstanding liens will be paid at closing.

6. Formal Approval - if the appraisal report and the title search are satisfactory the loan is reviewed for formal approval.

7. Closing - A time for closing is scheduled, Cincinnatus makes every effort to accommodate your schedule.


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